All stories about "Hudson Yards"

When Sen. Chuck Schumer spoke out against Bloomberg's prioritizing of the Hudson Yards over Moynihan Station earlier this week—and even dared suggest that the Port Authority take over the Moynihan/Farley Post Office project—Mayor Mike's head nearly exploded. Now, Governor Patterson has joined with Schumer in suggesting that the Port Authority handle the new train terminal, and if Bloomberg hasn't turned green and ripped through his business suit already, we assume it's only a matter of time. Moynihan Station is still reeling from Madison Square Garden's sudden pull-out from the plan as well as budget concerns, but Bloomberg shot back that the whole thing has been slowed by turmoil upstate. The Post quotes him: "The chaos in Albany was not good for us. A new administration comes in. They want to study things. Then there's another new administration. They want to study things." OK, so Bloomberg isn't the studying type. Patterson, trying to smooth over some hurt feelings before brass knuckles come out, said: "This isn't a personal feud, or something like that. He just has a viewpoint on what was Schumer's proposal and one that I'll weigh as I make a decision." Whatever that means.
· Gov and Bloomberg on Opposite Tracks [NYP]
· Schumer Not Into Hudson Yards, Bloomberg Not Into Schumer [Curbed]

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We'd say the picture at right of Sen. Chuck Schumer and Mayor Bloomberg is of the two in happier times, but they don't really look that happy to be in each other's company back then, either. Yesterday, a verbal slap fight broke out between the two over the development, or lack thereof, of the West Side. Schumer got the feud started at a Crain's breakfast, in which he called Bloomberg's plan for a European-style mid-block boulevard running through the Hudson Yards the "goofiest thing I've ever seen," per the Sun. Schumer thinks the whole idea of the Hudson Yards as a new business district is totally ridic, especially when the focus should be on Moynihan Station. He also wants the Port Authority to take over Moynihan, because the agency supposedly has the money and skills to get it done (coughGroundZerocough). Two hours later Bloomberg responded, and he was especially perturbed about the Port Authority suggestion. His comeback, as reported in the Post: "I appreciate all the senator's views on Moynihan Station. His part of the job is to bring us the money." Burn! He also said, of the Hudson Yards: "We set the city's priorities. They don't come out of Washington, and the city's priorities are the West Side, getting it going and getting the rail line going there." Hopefully SchumBloom Round II is right around the corner, because two old guys fighting is funny.
· West Side War [NYP]
· Schumer on Mayor’s Plan: ‘Goofiest Thing’ He’s Seen [Sun]

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Those darn gray boxes! They represent the portion of land left out of the 2005 rezoning of the Special Hudson Yards District—the western part of the rail yards that late yesterday led to the collapse of negotiations between Hudson Yards bid winner Tishman Speyer and land owner the MTA. A while back, the High Line Blog explained the rezoning, which is where we lifted the above image from (is that the Jets Stadium in there?!). But maybe the gray boxes are just an excuse. Maybe Tishman had buyer's remorse in light of the credit crunch and was just looking for a way out. Maybe, or maybe not. Charles Bagli reports in the Times that Jerry Speyer is flying from Milan to London today to meet with Mayor Bloomberg about the Hudson Yards. It was Speyer's son Rob who broke off the six-week-old talks with the MTA. Can the old men settle this over a hot cup of Earl Grey? The MTA probably hopes so. Writes Bagli, "But if the authority reopened negotiations with another bidder, it would almost certainly mean that it would get less money for the rights to the property, real estate executives said."
· Deal to Build at Railyards on West Side Collapses [NYT]
· Yardsmania: MTA Dumps Tishman Speyer, Chaos Ensues [Curbed]

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Click the image above to view the full photogallery.

Take one last look at the Hudson Yards proposal designed for Tishman Speyer by Helmut Jahn and Peter Walker, folks, because the thing ain't happening. Late this evening, the MTA announced that it had hit an "impassé" with bid winner Tishman over the West Side rail yards, and the result is that the development rights are now back in play. The deal was supposed to be that Tishman would close on the eastern half of the property now, and the western half when it was rezoned to allow for the massive residential and commercial plans, which could take a while. Tishman balked at closing on anything until the western portion of the yards got rezoned, and the result is this doomsday mess we now find ourselves in. Look, in a city where a damn train station can't even get built, is it surprising that a multi-billion-dollar build-out of a plot of land bigger than the World Trade Center would have massive complications? A Tishman Speyer spokesman told Reuters, "We still hope to be able to complete this deal and reach an agreement that satisfies the needs of everyone." We'll see about that, but oh my, does this mean that Murdochville is suddenly alive? Will any promised megaproject get built? The world seems like a cold, dark place right about now.
· MTA, Hudson Yards developer at an impasse [Reuters]
· $1B Deal To Develop West Side Rail Yard Collapses [AP via WCBS]
· All Curbed Hudson Yards coverage [Curbed]

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As many of the city's big megaprojects are stalling or in shambles, there's a proposal to force the Empire State Development Corporation, which oversees some of them, to issue "progress reports" to tell everybody how thing are going. Or not. Details were provided by Eliot Brown in yesterday's Observer and the story is still making the rounds today. The proposed legislation in Albany is aimed at "providing greater transparency and accountability" on a number of projects including the expansion of the Javits Center, the huge West Side rail yards development, Moynihan Station, the 7 Train extension, World Trade Center redevelopment, the Calatrava PATH Station, the Willets Point plan and Atlantic Yards. Richard Brodsky, the assemblyman sponsoring the legislation, say that a number of significant projects are in "various states of collapse" and that if/when they tank they could endanger a number of agency budgets in including the MTA. Maybe if it was issued as a monthly magazine, they could call it Despair.
· Progress Reports Urged for Big Development Projects [Sun]
· Brodsky Seeks Tell-All Report on Every Mega Project in the City [NYO]

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As major connoisseurs of renderings, we'd be remiss in letting Nicolai Ouroussoff's short essay in yesterday's Times pass without mention. He calls the entire process of creating renderings to cast projects--particularly hot button massive ones--a "slight of hand" to try to sway public opinion. As an example, he used Tishman Speyer's Hudson Yards proposal, which he's previously called "a damning indictment of large-scale development in New York." To try to shape the public's view, details "like the surrounding context were left incomplete" in the Hudson Yards renderings and avoided elevations to show the project at street level. Model were cut off, "making it virtually impossible to understand the towers’ colossal scale." Why would developers do this? "For fear of inciting a public outcry," of course. "As a result," Mr. Ouroussoff writes, "the public is often left without the visual tools it needs to make thoughtful judgments about a development’s impact." Atlantic Yards Report, of course, adds a thorough deconstruction of the Bruce Ratner-Forest City renderings in his analysis. All this time, we thought of renderings as a kind of New Development Realism. Disappointed again.
· Now You See it, Now You Don't [NYT]
· Now he tells us: Ouroussoff criticizes 'distorted reality' of renderings [AYR]

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Not long ago, Mayor Bloomberg called the redevelopment of the Far West Side "the single most important economic project that this city has undertaken in decades." He was talking about Moynihan Station, Hudson Yards, the Javits Center expansion and the extension of the 7-train. Now, most of those projects are in various stages of disarray (or in the case of Javits, death) and critics have been lining up to pound the rest into submission, citing factors like the credit crunch and poor planning. We've been rounding up these stories under the rubric West Side Doom & Gloom, and Charles Bagli's story on West Side redevelopment in the Times today is by far the gloomiest and doomiest. The argument is made that commercial development will be slow to creep west, especially if Moynihan Station doesn't get done.

That's why, some argue, all resources should be focused on Moynihan—even a smaller version if the Garden stays put—before work begins at Hudson Yards. Oh, and Hudson Yards should be completely rethought, too, because it sucks. Or at least David Childs thinks so. The situation on the West Side is now even more delicate with the addition of Brookfield Properties' Manhattan West. As we speculated, rejected Hudson Yards tenant Condé Nast has been negotiating with Brookfield for one of two office towers planned for the SOM Yards, but that too could be in jeopardy if Moynihan stalls. Ugh! Well, at least the High Line will make its way up there. Maybe.
· West Side Redevelopment Plans in Disarray [NYT]
· Moynihan Station Deathblow: MSG Pulls Out of Plan? [Curbed]
· Yardsmania: From 'Grim Referendum' to 'Damning Indictment' [Curbed]

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Is the market in crisis? Well, there is evidence from the nasty month of March to suggest that the big project boom may have reached a symbolic turning point in the 31 days that just concluded. Before we get to that, however, we will turn to the Luxury Letter, which expresses confidence about "a normal market, not too affected by the unbelievable turmoil on Wall Street":

Pricing is stable. On the very high end there appears to be some weakening, but it remains to be seen if this is a result of the quality of product trading (and available) or a trend. Most of the ‘price reductions’ one hears about are ASKING price reductions. While that certainly indicates the end of a rising market, it does not necessarily show pricing deflation.

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Now that the Durst Organization and Vornado Realty Trust are also-rans in the Hudson Yards sweepstakes (but hey, a silver medal ain't bad), the companies' proposed anchor tenant—magazine megapublisher Condé Nast—may be looking to switch sides. In today's Women's Wear Daily (a Condé title), Amy Wicks writes that the company "possibly has a shot at office space under Tishman Speyer's plan." Also, Morgan Stanley may be back on board, even though they dumped Tishman a little while back. Oh, so now that Tishman is the hot shit in town, you want to get back together, Morgan? Yeesh! Anyway, getting back to Condé Nast, a memo was sent out to employees by COO John Bellando that read:

Last October, I informed you of our intention to consider constructing a new office tower in connection with a proposal by The Durst Organization and Vornado Realty Group to develop the West Side Rail Yard - also known as the Hudson Yards.

Yesterday, the Metropolitan Transportation Authority selected a different bidder to develop this property. However, several other promising real estate development opportunities have been brought to our attention and we intend to continue to explore all of our options for a new office tower in the 2013 - 2016 timeframe.

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When the details of the five bids for the Hudson Yards were released back in November, Times architecture oracle Nicolai Ouroussoff slammed the process as "a grim referendum on the state of large-scale planning in New York City," before anointing Extell's Steven Holl-designed proposal as the only one worth a lick. Now that Tishman Speyer has been selected by the MTA as the winning developer, it's not surprising that Ouroussoff is singing the same tune, though the lyrics are slightly different. Today, he writes that the Hudson Yards are "a damning indictment of large-scale development in New York," while still singing the praises of Extell's bid. Ouroussoff's take is that the Hudson Yards will be a depressing office park cut off from the rest of the city via a wall of skyscrapers that some people will have the misfortune of living in, and it's an opinion that most people would probably agree with. Meanwhile, in a Times news analysis, Charles Bagli writes that the final architecture will probably look nothing like the current plans anyway, and perhaps not even Tishman Speyer can navigate the minefield that will accompany this ten- to twenty-year build-out. Folks, this is going to be a fun next couple of decades. Join us, won't you?
· Profit and Public Good Clash in Grand Plans [NYT]
· For Railyards, the Hard Part Is Still Ahead [NYT]
· Yardsmania: OK, So Now What? [Curbed]

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Click the image above to view the full photogallery.

With Tishman Speyer now in the driver's seat at the Hudson Yards (proposal images above), let's take a closer look at the West Side's new overlords. Founded in 1978 by partners Robert Tishman and Jerry Speyer, Tishman Speyer has grown to become one of the largest real estate development/investment/management firms in the country, if not—dramatic pause—the world. Signature properties in Tishman Speyer's portfolio include the Chrysler Building, Rockefeller Center and Berlin's Sony Center.

In 2006, Tishman Speyer purchased the middle-class enclave of Stuyvesant Town/Peter Cooper Village in Manhattan for a record $5.4 billion, and the company has been busy gussying it up and shifting the apartments to pricey market-rate rentals. Soon after, the company set another record, selling the office building at 666 Fifth Avenue for $1.8 billion. Phew. OK, now that that's settled, let's focus on the future of the rail yards, twice the acreage of the World Trade Center and almost as complicated. The $1.004 billion deal with the MTA for the development rights may be settles, but there are many questions left to be answered.

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Did you think former Deputy Mayor for Economic Development Dan Doctoroff had gone off to a life in the private sector? Not exactly. Yesterday, Mr. Doctoroff was cleared by the city's Conflicts of Interest Board to remain involved in a number of projects on which he'd worked as Deputy Mayor. What's fascinating about a Times story on the subject, however, is the number of things in which Mr. Doctoroff is still involved: Hudson River Park, Governors Island, Moynihan Station and the Queens West projects. Plus, that little endeavor know as PlaNYC 2030. Of all this, the Times writes that "Mr. Doctoroff may have left City Hall, but he remains a participant in — and has a big influence over — what is going to be built." The list of Doctoroff projects and involvements in so long that "even some who serve on boards with him have expressed confusion about his roles" and in January a How to Deal with the Doctor Memo went out.
· Ex-Official Cleared to Continue to Work on Big City Projects [NYT]
· City Board Permits Doctoroff a Role in City Projects [Sun]

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Click the image above to view the full photogallery.

With megalandlord Tishman Speyer nearly in possession of the West Side Rail Yards, the other bid still in consideration—the joint proposal made by the Durst Organization and Vornado Realty Trust—is getting a late push to remain in the Hudson Yards conversation (above, a refresher on the eco-friendly, slightly insane Durst/Vornado bid, designed by FXFowle and Pelli Clarke Pelli). Charles Bagli wades into the showdown in the Times today, and here's why the Durst/Vornado bid makes sense, according to some: 1) Durst/Vornado has an anchor tenant in place for office space, Condé Nast. Morgan Stanley dropped out of Tishman's bid. 2) The Durst/Vornado proposal includes twice as much housing (7,000 units), seen as a safer bet in these troubled times than Tishman's office-heavy plan. 3) Tishman Speyer came in dead last in our Hudson Yards poll. OK, the MTA probably isn't taking that one into consideration. So why are the powers-that-be leaning toward Tishman Speyer? Because of the company's "blue-chip aura and its access to capital from around the world," Bagli writes. Well, if those are the characteristics that matter, we should feel lucky the MTA didn't enlist Bear Stearns to help out with financing.
· At 11th Hour, Rivals Vie for Deal on West Side Railyards [NYT]
· West Side Yard [durstvornado.com]
· Yardsmania Update-o-rama: Tishman Must Get Sexy? [Curbed]
· CurbedWire Special: Tishman Speyer Taking Hudson Yards? [Curbed]

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After weeks of closed-door wheeling and dealing, the Hudson Yards—soon to be the biggest development project in the city, if the whole thing doesn't completely fall apart—have exploded with activity. Here, a primer on the most recent headlines:

1) The Winner: The Times reported it over the weekend, and the Sun echoes it today: the MTA is on the verge of announcing that Tishman Speyer is the winning bidder for the rail yards, with the joint Vornado/Durst bid still in play. The board will meet on Wednesday, perhaps to approve a deal. The MTA had initially set this week as the deadline, and even though there were rumors the decision would be delayed, it looks like the MTA may actually deliver on a promise. If you want to review Tishman's bid, here you go. [Sun]

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Click the image above to view the full photogallery.

The Hudson Yards development plan created by Tishman Speyer—with architects Helmut Jahn and Peter Walker—has emerged as the frontrunner in the past 24 hours, according to the New York Times. You may recall that Tishman's proposal featured Morgan Stanley as an anchor tenant—an anchor tenant that has now sailed away. Still, the MTA is said to be in final negotiations with Tishman, with plans to formally present the plan to its board for approval this Wednesday if final details can be worked through. (The other proposal that's still breathing is said to to be Durst/Vornado.) Above, a photogallery of the Tishman plan, and here's Curbed's original take on it. Developing...
· MTA Leaning Towards Tishman Speyer Railyards Bid [NYTimes]
· Yardsmania: Tishman Speyer Calls a Forum [Curbed]

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Um, about that delay. Well, it looks like it was a very brief one. The Real Estate is reporting that the MTA may choose a winning bid for the Hudson Yards as soon as tonight, with the list being whittled down to Tishman Speyer's officepalooza and the joint Durst/Vornado High Line-destroying hippie lovefest. Yes, the early favorite—The Related Companies' News Corp.-loaded Rupert Murdoch playground, is doneski, at least per these anonymous sources. The problem is that Murdochville, oddly, doesn't have a firm commitment from News Corp., though that line of thought doesn't make much sense because Tishman recently lost Morgan Stanley as its anchor tenant, but that doesn't seem to be hampering the bid. Should a West Side Rail Yards selection be made, it would need to be finalized by the MTA board, perhaps at its Wednesday meeting. In the biggest sense of the word: DEVELOPING...
· Durst/Vornado and Tishman Speyer Lead as Decision Close on West Side Yards [TRE]
· The Other Big Rail Yards Thing is Also Kinda Screwed Up [Curbed]
· Full Curbed Hudson Yards Coverage [Curbed]

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The good news for MTA chief Lee Sander is no matter what depressing news he reveals about the Hudson Yards today, it's going to get overshadowed by the mess in Brooklyn. So ... how's that bidding process going? You know, the one that's supposed to be wrapping up right about now, with a celebratory announcement naming the developer who will reshape the Far West Side into a vibrant residential and commercial meganeighborhood? Oh, that. Yeah, not so good, it turns out. The Sun's Peter Kiefer quotes Sander as saying a March decision "will be an aggressive time frame for us to meet." Who knows how long the decision will be delayed, but blame the changes in Albany, the changes in the credit-crunched market and the changes in the bid requirements for the troubles. Blame it all! But at least Bruce Ratner has nothing to do with it.
· MTA Chief Signals Delay on Hudson Yards Decision [Sun]
· Yardsmania Getting Cultured? [Curbed]
· Yardsmania: Morgan Stanley Dumps Tishman Speyer [Curbed]

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Remember the glorious image above? Helmut Jahn and Peter Walker's vision of a "town square" surrounded by gleaming new skyscrapers, apartments and community facilities? It's the stuff dreams are made of, and in the end, a dream is precisely what it is. Charles Bagli reports in the Times today that Morgan Stanley, Tishman Speyer's anchor tenant in its bid for the development rights at the Hudson Yards, has dropped out of the plan over concerns that the company's new headquarters would not be built in time for a 2013 move-in. This comes on the heels of Brookfield Properties' departure from the Hudson Yards race, and the MTA's revised demands for the property. Tishman Speyer has not withdrawn its bid, but this could be a crushing blow. The latest series of events can be looked at in two ways: 1) The Hudson Yards are reeling due to the MTA's demands and the credit crunch, or 2) We're that much closer to Murdochville, baby! Wooooooooooo! MySpace! MySpace! MySpace!
· Morgan Stanley Retreating From Railyards Development [NYT]
· Late-Breaking CurbedWire: Brookfield Out at Hudson Yards [Curbed]
· Yardsmania Stunner: MTA Wants Bigger Piece of the Pie [Curbed]

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